Hutchinson Technology ( HTCH) shares were hammered Friday after the company offered second-quarter earnings guidance well below what analysts are expecting.

The company forecast earnings of 30 cents to 33 cents a share in the period, saying that "demand began to weaken in March and declined even more sharply in the final weeks of the month."

Analysts' consensus estimate for the quarter ended March 28 is 42 cents a share.

Shares fell $2.32, or 8%, to $26.51 in premarket trading.

The computer storage devices company said it expects revenue of approximately $113 million, vs. a consensus estimate of $122.4 million, according to Thomson One Analytics.

The Minnesota-based company will report its second quarter results April 22.